New York Enacts Law Regarding Filing of False Financing Statements

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New York: The governor signed AB 8013 on Wednesday, 11/13/13, to deal with false UCC financing statements. The bill makes it a crime to file a false financing statement against a public official. In addition, the new law adds non-uniform UCC § 9-518(d), which authorizes special proceedings by government employees to have the court expunge false financing statements and enjoin further UCC filing activity by the offender. The bill took effect immediately, although the courts have until 11/1/14 to develop rules for the authorized special proceedings.